DH Corporation (“D+H”), a leading financial technology provider, along with Rabobank has announced the execution of proof of concept using blockchain technology to execute cross-border payments in real-time for the bank.

According to the official release, Robobank has been working on blockchain technology from 2014 and is investigating the technology for cross-border payments, and its other ongoing projects like payments through IoT, KYC registration, trade finance documents, among others.

"Rabobank has been able to validate the processing of blockchain payments in its own environment. We have seen meaningful results that tell us that further exploration of blockchain functionality is worthwhile," Heimen Schuring, Head of Channel Support & Payment Engine, Rabobank said.

The proof of concept will successfully address key areas including immediacy, the capacity to complete end-to-end transactions in near-real-time; reachability, to send funds to any of the bank's closed user group members and probability, the ability to agree to the payment before it is committed, preventing non-settlements or rejections after payment processing for both the end banks.

"Congratulations to Rabobank for undertaking this important endeavor, and experimenting with blockchain to transform its cross-border payments business," Moti Porath, Head, Product Management, Global Payments Solutions, D+H said. "Leveraging D+H's global payments hub solution, the bank recognizes that cross-border payments can be made in a more efficient way and that D+H can execute payments across borders in near real-time, with certainty and convenience."

Earlier in February this year, D+H announced that it has successfully integrated blockchain distributed ledger technology into its global payments services hub.